WorldWide Digital Oilfield Market, Industry / Sector Analysis Report, Regional Outlook & Competitive Market Share & Forecast, 2019 - 2025 (Includes Business Impact of COVID-19)

                                          
Abstract, Snapshot, Market Analysis & Market Definition: Digital Oilfield Market

Industry / Sector Trends

Digital Oilfield Market size was valued over USD 24 billion in 2018 and will grow over 7% by 2025.
 

Asia Pacific Digital Oilfield Market Size, By Process, 2018 & 2025 (USD Million)

 

Increasing exploration and production activities fueled by gradual oil price recovery will drive the digital oilfield market growth. Growing focus toward operational management and reduction of capital and operating expenses will lead to the adoption of intelligent digitalized devices and solutions. Advancement in wireless technologies, mobility, data analysis and collection platforms have enabled substantial improvement in decision making and performance. In 2018, as per the World Oil the total well count across the Western Europe witnessed a significant rise to 436 then the previous year.
 

The global market size is set to grow on account of growing requirement for optimizing the oil and gas operations. Declining production from existing wells along with need to devise an economic well recovery method will accelerate the industry growth. In addition, increasing O&G production across remote geographies with requirement of remote monitoring and automated operations will enhance the industry outlook. Furthermore, stringent health and safety regulations with increasing concerns toward network safety will augment the business landscape.
 

Market Segmentation, Outlook & Regional Insights: Digital Oilfield Market

 Digital Oilfield Market, By Process

Robust investment toward upstream along with increasing discoveries across the Permian and North Sea will propel the market share. The production optimization involves enhancement of productivity of the field by taking intelligent decisions through effective measurement, analysis and modelling. Significant development in technology have made possible the recovery of a large number of fields which were previously declared economically unviable and non-profitable.
 

The digital oilfield market by reservoir optimization was valued over USD 6 billion in 2018. Growing number of mature fields across the globe along with increasing adoption of enhanced oil recovery techniques will boost the product adoption. Availability of advanced solutions including reservoir characterization, development planning, reservoir monitoring control along with equipment including sensors, actuating devices, smart alarms and others have resulted in optimization of reservoir development.
 

Digital Oilfield Market, By Application

Increasing funding toward subsea hydrocarbon development leading to rapid discoveries of offshore reserves will accelerate the market growth. In 2019, Repsol and Exxon Mobil formed a joint venture for carrying E&P activities across the Caribbean subsea oilfields.
 

The onshore digital oilfield market is expected expand over 6% by 2025. Growing demand for energy coupled with increasing oil consumption across emerging economies will accelerate the industry growth. Rapid discoveries of new oilfield along with development of several halted projects will augment the business landscape. For instance, the U.S. shale boom and enhanced production across the Permian Basin will support the industry expansion.
 

Digital Oilfield Market, By Service

Growing concerns toward cyber security along with increasing adoption of wireless networks to facilitate personnel safety and operational efficiency will foster the market by instrumentation and automation. Development of advanced data collection and interpretation systems along with need to monitor continuously running operations encourage the product adoption.
 

The digital oilfield market size by information technology will grow over 7.5% by 2025. The oil and gas players are increasing their IT spending in order to enhance their asset management solutions and business processes. Ongoing industry collaborations along with increasing focus to develop advance IT strategies will positively enhance the industry landscape.
 

Digital oilfield Market, By Technology

 

Ongoing industry revolutions including the industry 4.0 along with increasing awareness toward effectiveness and benefits of technology will drive the market size. The IoT devices are widely deployed across smart wells, reservoir monitoring and drilling sites to gather data from ongoing operations in real time. Furthermore, introduction of industrial IoT have enabled the operators to use sensors and big data analytics to optimize the entire oilfield lifecycle from discovery till well abandonment.
 

The digital oilfield market by advanced analytics was valued over USD 2.5 billion in 2018. As per the Accenture and Microsoft upstream oil and gas digital trend survey 2017, over 70% of the companies will increase their technology spending in next three to five years. Data analysis, artificial intelligence and machine learning is set to witness robust growth post 2019 with over 46% of the companies ready for invest in analytics. However, technology immaturity and operational barriers affect its penetration across the industry.
 

Digital Oilfield Market, By Region

North America digital oilfield market is set to grow on account of supreme technological capabilities owing to the presence of leading oil and tech giants. The Schlumberger, Halliburton, BHGE, Rockwell and other are offering a range of DOF products and solutions. Surge in domestic production and oilfield discoveries have augmented the industry landscape. The U.S. remains the major investment hub for the investors with its overall capital spending and shale & conventional reserves anticipated to increase by around 10% by the end of 2018.
 

The Asia Pacific market was valued over USD 3 billion in 2018. Increasing technological penetration along with robust economic development across China and India will dive the growth across the region. Rising energy consumption coupled with huge investment toward analytics and IoT will augment the industry landscape. In 2017, China received over 48% of the global AI venture funding making it the second most established country after U.S. in AI development.
 

Key Players, Recent Developments & Sector Viewpoints: Digital Oilfield Market


Eminent players operating across the digital oilfield market include Schlumberger, Halliburton, Weatherford, Rockwell, ABB, Siemens, National Oil Varco, General Electric, Kuwait Oil Company, Schneider, Accenture, Intel and Infosys.
 

Cost reduction and product innovation are key strategies adopted by the companies for maintaining a competitive edge across the industry. Furthermore, strategic acquisition and collaborations with tech giants to take leverage of their technical expertise will further support their business expansion.
 

Digital Oilfield Industry Viewpoint

 

 

The digital oilfield is the new approach to oil and gas operations enabling the subsurface and surface professional’s total asset awareness while allowing them to manage and monitor the operations in real time, regardless of the location. It utilizes advanced software and digital technologies for improving the profitability of the operations, while reducing the capital and operational expenses. It further allows the companies to improve their decision making, boosting ROI, maximizing the recovery & production and minimize the downtime by real time data analysis

Key Insights Covered: Exhaustive Digital Oilfield Market
1.  Market size (sales, revenue and growth rate) of Digital Oilfield industry.
2. Global major manufacturers' operating situation (sales, revenue, growth rate and gross margin) of Digital Oilfield industry.
3. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of Digital Oilfield industry.
4. Market size (sales, revenue) forecast by regions and countries from 2019 to 2025 of Digital Oilfield industry.

Research Methodology: Digital Oilfield Market

Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among others.